Lucid Group, Inc. (NASDAQ:LCID) Receives $2.68 Consensus Price Target from Brokerages

Lucid Group, Inc. (NASDAQ:LCID - Get Free Report) has earned an average rating of "Hold" from the twelve brokerages that are presently covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and two have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $2.68.

A number of brokerages recently issued reports on LCID. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $3.00 target price on shares of Lucid Group in a research report on Thursday, April 3rd. Needham & Company LLC reissued a "hold" rating on shares of Lucid Group in a report on Wednesday, February 26th. TD Cowen began coverage on Lucid Group in a research report on Friday, March 7th. They issued a "hold" rating and a $2.30 target price for the company. Bank of America lowered shares of Lucid Group from a "neutral" rating to an "underperform" rating and decreased their target price for the company from $3.00 to $1.00 in a research report on Wednesday, February 26th. Finally, Robert W. Baird upped their price objective on Lucid Group from $2.00 to $3.00 and gave the company a "neutral" rating in a research note on Monday, April 21st.

Hedge Funds Weigh In On Lucid Group

Several institutional investors have recently modified their holdings of LCID. Crosspoint Financial LLC bought a new position in Lucid Group during the 1st quarter worth approximately $34,000. Alps Advisors Inc. grew its holdings in shares of Lucid Group by 3.9% in the 1st quarter. Alps Advisors Inc. now owns 1,914,936 shares of the company's stock valued at $4,634,000 after buying an additional 71,806 shares during the period. CFO4Life Group LLC acquired a new stake in Lucid Group during the 1st quarter worth $31,000. Bank of New York Mellon Corp lifted its holdings in Lucid Group by 4.5% during the first quarter. Bank of New York Mellon Corp now owns 3,091,063 shares of the company's stock worth $7,480,000 after acquiring an additional 132,497 shares in the last quarter. Finally, World Investment Advisors raised its position in shares of Lucid Group by 30.5% during the first quarter. World Investment Advisors now owns 78,325 shares of the company's stock worth $190,000 after purchasing an additional 18,284 shares during the period. 75.17% of the stock is currently owned by institutional investors and hedge funds.

Lucid Group Stock Performance

LCID traded up $0.08 on Monday, hitting $2.59. The company had a trading volume of 24,542,486 shares, compared to its average volume of 94,686,125. The stock has a market cap of $7.84 billion, a price-to-earnings ratio of -1.93 and a beta of 0.88. Lucid Group has a 1-year low of $1.93 and a 1-year high of $4.43. The company has a debt-to-equity ratio of 0.77, a current ratio of 3.71 and a quick ratio of 3.26. The company's fifty day moving average price is $2.35 and its 200 day moving average price is $2.57.

About Lucid Group

Lucid Group, Inc a technology company, designs, engineers, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services.